USD Backed Ripple RLUSD Stablecoin Will Available On Multiple Exchanges

Key Points:

• Ripple announced the launch of RLUSD, pending approval from the New York Department of Financial Services.
• Ripple RLUSD stablecoin will be available on major exchanges, including Uphold, Bitstamp, Bitso, and Bullish.

Ripple, the leading financial technology company providing digital asset infrastructure, has announced the launch of Ripple USD (RLUSD), a USD-backed stablecoin designed for enterprise-grade use.

Read more: Ripple CEO Says RLUSD Stablecoin Is Close To Launch, No US IPO

Ripple Introduces New USD-Backed Stablecoin RLUSD

RLUSD is the stablecoin in development since April, pending approval by the New York Department of Financial Services before its release. When approved, Ripple RLUSD stablecoin will enter the growing market of U.S. dollar-backed stablecoins and become a part of the trusted, compliant, liquid solution to worldwide payments.

At the Ripple Swell conference in Miami, Ripple President Monica Long unveiled the company’s exchange partners and market makers, which included well-known industry players such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish among early distribution partners. Crypto trading firms B2C2 and Keyrock will also be picking up market maker roles for Ripple RLUSD stablecoin in order to provide liquidity, hence ensuring seamless functioning.

Ripple positions RLUSD to be at the forefront of this fast-growing, $170 billion stablecoin market that is becoming ever more vital for cross-border payments and settlements, especially in emerging markets. Stablecoins generally bridge the divide between traditional fiat currencies and digital assets, which play a major role in the crypto economy, facilitating the payment of goods, services, and financial instruments.

Ripple RLUSD Stablecoin Set to Revolutionize Enterprise Payments

The enterprise-focused design of the Ripple RLUSD stablecoin will mostly be used for real-world use cases, such as facilitating enterprise real-time global payments and enabling the tokenization of commodities and securities.

According to Ripple, every RLUSD will be fully backed and guaranteed by the total amount of U.S. dollar deposits, U.S. government bonds, and cash equivalents, hence stable and secure for all users. Although RLUSD initially launched on both the XRP Ledger and Ethereum blockchains, issuance will occur under a New York Trust Company Charter.